USD/ZAR Price Analysis: Keeps recovery moves from 50% Fibonacci retracement

USD/ZAR prints mild gains while carrying the pullback from 16.87.
200-bar SMA, seven-day-old resistance line challenge the buyers.
61.8% Fibonacci retracement adds to the downside support.

Anil Panchal FXStreet

USD/ZAR seesaws around 17.08 while flashing 0.40% gains on the day amid the early Monday morning in Asia. In doing so, the pair carries its recovery moves from 50% Fibonacci retracement of June 10-25 upside.

As a result, buyers are again targeting a break of 200-bar SMA, currently around 17.22, after multiple failures during late-June. Also acting as an immediate upside barrier is a falling trend line from June 25, at 17.32 now.

Considering the normal RSI conditions, coupled with the pair’s sustained trading beyond the key Fibonacci support, buyers might not hesitate to attack the 18.00 threshold on the successful break above June 25 top near 17.50/55.

Alternatively, a 61.8% Fibonacci retracement level of 16.79 may offer extra support below 16.93 immediate rest-point.

Given the pair’s additional weakness past-16.79, 16.50/45 might offer an intermediate halt before dragging the quote to 16.00 round-figure.

USD/ZAR four-hour chart

Trend: Further recovery expected

additional important levels

Overview
Today last price	17.0765
Today Daily Change	0.0621
Today Daily Change %	0.36%
Today daily open	17.0144

Trends
Daily SMA20	17.1252
Daily SMA50	17.6625
Daily SMA100	17.3721
Daily SMA200	16.0166

Levels
Previous Daily High	17.1095
Previous Daily Low	16.8976
Previous Weekly High	17.4187
Previous Weekly Low	16.8735
Previous Monthly High	17.6219
Previous Monthly Low	16.3363
Daily Fibonacci 38.2%	17.0286
Daily Fibonacci 61.8%	16.9785
Daily Pivot Point S1	16.9048
Daily Pivot Point S2	16.7953
Daily Pivot Point S3	16.6929
Daily Pivot Point R1	17.1167
Daily Pivot Point R2	17.2191
Daily Pivot Point R3	17.3286

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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